Koçiu: Albania strengthens its position as a strategic and reliable international partner
Albania has welcomed a team of evaluators from the Council of Europe's Committee of Experts on the Evaluation of Measures against Money Laundering and the Financing of Terrorism (MONEYVAL), (14 - 24 April), as part of the 6th round of mutual evaluations, an important moment to demonstrate concrete progress and the right direction of reforms in the field of preventing money laundering and terrorist financing.
The main purpose of this process is to assess the effectiveness of the implementation of international standards in Albania for the fight against money laundering, terrorist financing and proliferation financing, in accordance with the revised FATF Methodology and Standards.
At the opening of the field visit, Deputy Prime Minister Albana Koçiu, who hosted a high-level meeting of the MONEYVAL Committee's assessment experts, emphasized that the commitment of Albanian institutions is complete and sustainable, seeing this process not simply as an international obligation, but as an opportunity to further improve the functioning of the financial system and Albania's reputation in the international arena.
"We see this assessment, not only as an obligation, but as an opportunity to further improve our system, to increase transparency and to build lasting trust with our international partners. In conclusion, I would like to emphasize once again the commitment, seriousness and dedication of all Albanian institutions to rigorously implement the FATF and MONEYVAL recommendations, as well as to further increase the effectiveness of our preventive system, to continue demonstrating that Albania continues to be a reliable partner in the international arena." - she said at the welcome meeting.
During the two-week visit, the MONEYVAL assessment team also met with representatives of key relevant agencies in the country, including ministries, law enforcement and supervisory authorities, and other operational agencies. Meetings were also held with representatives of the private sector, including banks and other financial institutions, as well as non-profit organizations.
The evaluation team is composed of MONEYVAL experts with legal, financial and law enforcement experience.
The exit from the FATF gray list for money laundering and the continuous improvement of financial and economic indicators clearly demonstrate Albania's progress, strengthening the country's position as a strategic and reliable international partner.
At the conclusion of this visit, Deputy Prime Minister Albana Koçiu expressed her views regarding it:
"Albania welcomes the MoneyVal assessment mission against money laundering and terrorist financing. In 2023, Albania emerged from the grey list of countries with money laundering problems, an important achievement especially at a time when other countries, including in Europe, still remain part of it.
The formalization of the economy, the government's advancement in the fight against money laundering, has now translated into more trust and investment within the banking system.
Another priority is reducing the use of cash and moving towards a digital and traceable economy by building a stronger, more transparent and fully compliant financial system with European standards.
At the beginning of this year alone, we have 30% more online transactions or a 25% increase in transactions in euros. While last year alone, we had a 13% increase in lending to the economy and over 1.5 billion euros in foreign direct investments, a historic record.
These indicators speak clearly; capital is increasingly circulating within the banking system in monitored and transparent channels.
In parallel, we have tripled the number of cases of blocking and seizing assets of suspicious origin. Meanwhile, the adopted law significantly strengthens the mechanisms for real-time monitoring and blocking of suspicious transactions.
Now, new technologies and artificial intelligence give us the opportunity to further increase the effectiveness of this war."
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